4. Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

The computations of basic and diluted earnings per share follow:

	For the Three Months Ended June 30,
	2014						2013
				Common						Common
Dollars in thousands,	Income			Shares	Per		Income			Shares	Per
except per share amounts	(Numerator)			(Denominator)	Share		(Numerator)			(Denominator)	Share
Net income	$	2,432					$	1,217
Less preferred stock dividends		(193	)					(194	)
Basic EPS	$	2,239		7,457,222	$	0.30	$	1,023		7,438,401	$	0.14
Effect of dilutive securities:
Stock options				9,607						7,568
Series 2011 convertible
preferred stock		119		1,489,250				120		1,499,071
Series 2009 convertible
preferred stock		74		674,545				74		674,545
Diluted EPS	$	2,432		9,630,624	$	0.25	$	1,217		9,619,585	$	0.13

	For the Six Months Ended June 30,
	2014						2013
				Common						Common
Dollars in thousands,	Income			Shares	Per		Income			Shares	Per
except per share amounts	(Numerator)			(Denominator)	Share		(Numerator)			(Denominator)	Share
Net income	$	4,822					$	3,010
Less preferred stock dividends		(387	)					(388	)
Basic EPS	$	4,435		7,455,307	$	0.59	$	2,622		7,435,344	$	0.35
Effect of dilutive securities:
Stock options				9,675						7,496
Series 2011 convertible
preferred stock		238		1,490,228				240		1,499,533
Series 2009 convertible
preferred stock		149		674,545				148		674,545
Diluted EPS	$	4,822		9,629,755	$	0.50	$	3,010		9,616,918	$	0.31

Stock option grants and the convertible preferred shares are disregarded in this computation if they are determined to be anti-dilutive.  Our anti-dilutive stock options at June 30, 2014 and 2013 totaled 143,000 shares and 170,500 shares, respectively.